Strong US data, strong US dollar - UBS

FXStreet (Córdoba) - The UBS analyst team notes that recent series of upbeat US data continues to support their bullish USD view for the third quarter.Key Quotes

“US economic indicators surprised to the upside on Tuesday, sending the US dollar index to a new 2014 high”.

“The US PMI continued to print at an elevated level above 60 and the ISM non-manufacturing index has risen from 56 to 58.7, catching up to the PMI. Within the ISM, the highlight has been the new orders component, which printed on a 9-year high at 64.9. Last, but not least, durable goods show a decent rebound”.

“All of this points towards a good start into Q3 and supports our bullish USD view”.

Aug 6, 2014

UK: NIESR GDP Estimate at 0.6% in July

According to estimates released by the National Institute of Economic and Social Research, UK GDP rose by 0.6% in the three months to July, down from the 0.9% increase seen in the three months to June.